Good morning.
It looks like a rebound Monday to start the new week of trade in Chicago this morning, with markets across the ag space trading in the green early on as China headlines have continued to control a lot of the narrative around price discovery. The grain markets are highest on a percentage basis, but the overnight buying has been fairly steady across the board, mostly on news of the above-mentioned fact sheet from the White House regarding last week’s meetings that computers/algorithms read as friendly on the open Sunday evening. Corn futures to start the day today are trading 10-14 cents higher, soybean futures are trading 20-24 cents higher, and the Chicago wheat market is trading 20-22 cents higher.
Friday afternoon’s CFTC Commitment of Traders report, with data for the week ending May 12th, showed managed money traders in the week were sellers of 44,442 contracts of corn (+299,483), sellers of 6,803 contracts of soybeans (+214,815), and sellers of 9,120 contracts of Chicago wheat (-19,023). In the products, funds were buyers of 5,143 contracts of meal (+116,082) and seller of 6,854 contracts of oil (+162,287).
The stalemate between the US and Iran seemingly made little headway over the weekend, though President Trump again expressed frustration over the ongoing situation following drone attacks on a nuclear power plant in the UAE. Oil prices are mixed this morning and are already some $4/bbl off their highs made so far in the overnight hours.
Friday’s monthly NOPA soybean crush report showed US processors in the month of April crushed 211.9 mil bu of soybeans, which was the lowest reading since last September and was well below most trade estimates despite still being up some 11% from the same month last year. Soybean oil stocks as of the end of April were seen at 1.947 bil lbs., which was a new three-month low but still up some 28% from a year ago.
This week’s weather pattern looks to stay on the active side, with the models in good agreement this morning on possibly severe weather for the Plains today and western part of the Midwest via a couple different storm systems, one early in the day and then another later this evening and into Tuesday. Models also have additional rains than possibly towards the end of the week, though these could favor a track further south than the systems early in the week.
Rainfall totals via this morning’s EU model run are seen ranging from an inch to three inches or so, generally speaking over the next five days, though there will be pockets on the boundary to the north and west that are likely short-changed.
Temperature-wise, the frontal boundary producing storms the next 24 hours is also going to bring in another round of cooler air, with daytime highs expected in the 60’s throughout a lot of the central US until Thursday/Friday, when the models have warmer air moving back in and then lasting into the weekend and first part of next week.
Have a great day/
Grain Comments: 05-18-26
Good morning.
It looks like a rebound Monday to start the new week of trade in Chicago this morning, with markets across the ag space trading in the green early on as China headlines have continued to control a lot of the narrative around price discovery. The grain markets are highest on a percentage basis, but the overnight buying has been fairly steady across the board, mostly on news of the above-mentioned fact sheet from the White House regarding last week’s meetings that computers/algorithms read as friendly on the open Sunday evening. Corn futures to start the day today are trading 10-14 cents higher, soybean futures are trading 20-24 cents higher, and the Chicago wheat market is trading 20-22 cents higher.
Friday afternoon’s CFTC Commitment of Traders report, with data for the week ending May 12th, showed managed money traders in the week were sellers of 44,442 contracts of corn (+299,483), sellers of 6,803 contracts of soybeans (+214,815), and sellers of 9,120 contracts of Chicago wheat (-19,023). In the products, funds were buyers of 5,143 contracts of meal (+116,082) and seller of 6,854 contracts of oil (+162,287).
The stalemate between the US and Iran seemingly made little headway over the weekend, though President Trump again expressed frustration over the ongoing situation following drone attacks on a nuclear power plant in the UAE. Oil prices are mixed this morning and are already some $4/bbl off their highs made so far in the overnight hours.
Friday’s monthly NOPA soybean crush report showed US processors in the month of April crushed 211.9 mil bu of soybeans, which was the lowest reading since last September and was well below most trade estimates despite still being up some 11% from the same month last year. Soybean oil stocks as of the end of April were seen at 1.947 bil lbs., which was a new three-month low but still up some 28% from a year ago.
This week’s weather pattern looks to stay on the active side, with the models in good agreement this morning on possibly severe weather for the Plains today and western part of the Midwest via a couple different storm systems, one early in the day and then another later this evening and into Tuesday. Models also have additional rains than possibly towards the end of the week, though these could favor a track further south than the systems early in the week.
Rainfall totals via this morning’s EU model run are seen ranging from an inch to three inches or so, generally speaking over the next five days, though there will be pockets on the boundary to the north and west that are likely short-changed.
Temperature-wise, the frontal boundary producing storms the next 24 hours is also going to bring in another round of cooler air, with daytime highs expected in the 60’s throughout a lot of the central US until Thursday/Friday, when the models have warmer air moving back in and then lasting into the weekend and first part of next week.
Have a great day/
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